Twitter chief executive Dick Costolo is quitting the job after coming under pressure when the messaging platform missed expectations on revenue and could not boost slowing user growth.
Dick Costolo, who has held the position since 2010, will be replaced in the interim by Jack Dorsey, a Twitter co-founder and chief executive of payments company Square.
Shares jumped as much as 10 per cent in after-hours trading when Twitter announced the move in a filing. The shares were at $38.61, which compares with a float price of $26 a share in November 2013.
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